#64 - Tenova Lands on South Korean Shores by Acquiring Envita

Milan, April 6th 2012 – Tenova's growth strategy continues with the acquisition of Envita Co. Ltd. The South Korean company, founded in 1995 and with headquarters in Incheon (near Seoul), is active in the fields of industrial furnaces, processing lines, and heat treatment furnaces for aluminum components in the automotive industry. Its people, over 100, are operating in three locations in South Korea, Vietnam (Ho Chi Minh City), and China (Yantai).

The company is well known to Tenova, who began working with Envita in 2007. Thanks to the collaboration with Envita, Tenova has been awarded contracts in the country with major steelmakers such as Hyundai Steel and Posco.

The acquisition marks Tenova's first step into South Korea, the 6th highest crude steel producer in the world with 68.6Mt in 2011. This is a +16.2% increase over 2010. South Korea has the highest density per capita production of steel in the world: a strategic market in the global post-crisis scenario.

The Tenova Iron & Steel division achieves the goal of entering South Korea through an engineering hub with excellent references and manufacturing centers. The combination of these factors allows the expansion of our commercial and operating network in Asian countries such as Vietnam, Thailand, Indonesia, Malaysia, Philippines, Singapore, Laos, and Cambodia. It also provides an expansion of the Tenova Iron & Steel product portfolio in the business of cold rolling and aluminum for the automotive industry.

Tenova is a worldwide supplier of advanced technologies, products, and services for the iron & steel and mining industries. With about 3,100 people, Tenova operates through more than 30 companies located in 22 countries on 5 continents.

THIS TRANSACTION STRENGTHENS TENOVA IRON&STEEL DIVISION'S GROWTH OF COMMERCIAL AND OPERATING NETWORKS IN ASIAN COUNTRIES AND AN EXPANSION OF ITS PRODUCT PORTFOLIO

 

If you are a steel maker interested in higher productivity and lower costs, contact Tenova for more information about their award-winning products and systems.

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